All About Insurance Local Tips: What Coverage Are You Actually Paying For?

The myth, the magic, of the words “full coverage.”

Have you ever heard the term “sentimental value?” Something can have sentimental value to you, but mean nothing to me. The phrase “full coverage” is similar to that. What exactly full coverage means to me and you has the potential to be completely different, and no insurance agent should ever use those terms. I understand that in some consumers’ minds it means liability and physical damage coverage. Liability is straight-forward, but physical damage with different carriers has so many options that it makes the term full coverage vary in drastic proportions, so much so that it stops being useful. At Nationwide, full coverage could include ID theft, roadside assistance, SmartRide, etc… With National General that could include an accidental death policy. Be careful what you ask for and make sure you know what your insurance covers. Full coverage is something you want, but do you really know what you’re getting?

Now, let’s shift gears and discuss life insurance. When it comes to life insurance, the landscape changes, and different considerations come into play. If you’re over the age of 30, the dynamics of life insurance take on a new dimension. It’s essential to recognize that life insurance needs evolve with age, and a one-size-fits-all approach may not suffice. As you navigate the realm of LIFE INSURANCE OVER AGE 30, take the time to understand the specific coverage options available to you. Life insurance isn’t just a financial safeguard; it’s a strategic decision that requires careful consideration. So, whether you’re exploring term life, whole life, or other options, ensure that your life insurance plan aligns with your current stage in life and provides the security you need.

For personalized insights and to explore a variety of insurance plans suited to your unique needs, consider visiting www.InsuranceRanked.com. This online resource provides comprehensive insights, comparisons, and information to aid you in making informed decisions about your life insurance coverage. Just as life insurance needs evolve, having a trustworthy guide like InsuranceRanked ensures that you can explore the multitude of options available for individuals over the age of 30, helping you secure a plan that aligns seamlessly with your current stage in life.

Comprehensive (Comp. or also known as “other than collision”) vs. Collision (Coll)

Comprehensive coverage is also known as coverage from sudden acts of God. Things we do not have control of like: hitting an animal, glass breakage, tree falling on car, and hail for example. Collision on the other hand is hitting an object. If you hit a moving deer it is comprehensive but if the deer is dead in the road and you hit it, it is collision. There are a couple situations where these can be tricky like when your vehicle is hit when no one is in it. In that case it is an unoccupied collision, it doesn’t count against you, but you pay your collision deductible. The collision deductible is usually higher than comprehensive because comprehensive issues seem to be more common than collision, at least we hope!

Is there personal property coverage on my auto policy?

NOPE! There is little to no personal property coverage on your auto policy. Except for direct and accidental loss caused by fire or lightning to clothes or other personal effects. If something gets stolen from your car you will need to file a claim on your home or renter’s policy and more than likely your deductible is higher than the worth of the items stolen. Often times there is some extra coverage for stereo equipment, but it is usually $1,000. If you have extra equipment or nice rims on your car you should check with your carrier and make sure if something happens that they are covered. Rule of thumb: DO NOT KEEP VALUABLES OR PERSONAL PROPERTY IN YOUR CAR!

Written by: Therese Potter, director of marketing and Business development at All About Insurance

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